A niche has lengthy existed among development execs – corresponding to architects, engineers, volume surveyors and consultants – and the valuables improvement strategy. The underlying improvement buildings, expressed by way of criminal legal responsibility and responsibility, are all too little understood. This sensible consultant by way of a hugely skilled legal professional identifies the position of the development expert in a much wider context and appears past their dating with their immediate supplier. It offers the advance specialist with an realizing of the various relationships occupied with initiatives, either when it comes to contractual legal responsibility and accountability of care. This encourages more desirable conversation among these concerned, together with three way partnership companions, bankers, funders, landowners with an curiosity within the end result and tenants.
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Extra info for Development and the Law
The development agreement will thus be expressed, in so many words, to be supplemental to the lease so that the full raft of default measures relating to the development, contained in the agreement, can be brought to bear upon the lease as if they formed part of the lease itself. In that way, whilst the lease is clothed with the quality of primary security, the development agreement prevails, including the ultimate sanction of forfeiture of the lease, even though the substantive breach may lie in the development agreement.
From the first two chapters, it will already be apparent that development is essentially a contractual matter, comprising the interaction between a number of players with different functions. Thus, all development has an element of ‘joint venture’ in it, albeit a term inherently incapable of precise definition. Nothing can be documented, still less any structure assumed until the players are identified, their precise commercial objectives are set down and how far these should be secured. Layered on to this are issues of taxation and ultra vires.
It is therefore susceptible to full legal security and provides the best legal protection for a bank or lender providing development finance. To remain effective, the development agreement and an early grant must, therefore, be contractually allied. From the lawyer’s perspective, it is better that the lease is silent in all respects as to its enabling agreement, at least so far as may be, so that when the development obligations of the agreement eventually fall away the lease stands alone without the need for referral back to a preceding document.
Development and the Law by Bruce-Radcliffe